Reservoir Link Energy Bhd, an energy related services provider, today announced its financial results for the fourth quarter ended 31 December 2022. The Group recently changed its financial year end from 31 December to 30 June.
For the quarter under review, the profit before tax (“PBT”) and profit after tax and minority interest (PATAMI) leapt by 120.5% and 285.6%, year on year, to RM4.8 million and RM3.4 million respectively. This was despite the flattish revenue at RM32.4 million.
On a quarter-on-quarter basis, the PBT increased by 87.4% while PATAMI surged by seven-fold notwithstanding the decline in revenue. The earnings growth was mainly accredited to higher contributions from the oil and gas segment with higher gross profit margins.
Reservoir Link Executive Director Thien Chiet Chai said, “The Group’s strategic decisions, focusing on being an energy service provider, have proven beneficial. The decisions have helped us maintain diversity in our business offerings, further reducing our reliance on just one business segment. We see both oil and gas as well as renewable energy business segment have been growing over the years.
“This type of synergy between the segments plays a critical role in providing stable financial growth for the Group, moving forward. Looking ahead, we plan to build on our proven business strategy to source for more viable opportunities to further diversify our energy portfolio. This will bring forth long term prospects in light of the growing renewable energy adoption which is expected to ramp up in the coming years.”
Reservoir Link was incorporated in Malaysia under the Companies Act 1965 on 2 December 2014 as a public company under its present name and deemed registered under the Companies Act 2016.
Reservoir Link is an investment holding company whereas its subsidiaries are primarily involved in the provision of oil and gas well related services, which include well perforation, leak repair, testing, wash and cement as well as wireline. Reservoir Link is also involved in providing improved oil recovery services, laboratory studies & expert interpretative services on flow assurance & formation damage and provision of sand management solutions.
